- August 12, 2019
- Morgan Stanley
Robert F. Montes (CRD # 8355488) was a Financial Advisor at Morgan Stanley in Palm Harbor, FL. Robert Montes has been in the securities industry since 1977 and previously worked at Wells Fargo Advisors, Prudential Securities, Salomon Smith Barney, Lehman Brothers, Merrill Lynch, E.F. Hutton and Oppenheimer.
According to publicy available records released by the Financial Industry Regulatory Authority (FINRA), FINRA recently barred Robert Montes indefinitely from acting as a broker or otherwise associating with a broker-dealler firm for refusing to “provide documents and information requested by FINRA in connection with an investigation into whether he potentially misued an elderly customer’s assets.”
For a copy of the FINRA sanction, click http://www.finra.org/sites/default/files/fda_documents/2019061459801%20Robert%20F.%20Montes%20CRD%20835488%20AWC%20va.pdf.
In addition, Robert Montes has been the subject of three customer complaints, including the following which alleged:
- December 2010 – “CLAIMANT, A FLORIDA RESIDENT, ALLEGES THAT FROM 2005 TO 2008 HIS FA MADE UNSUITABLE RECOMMENDATIONS…” The matter settled for $57,500.
- November 1985 – “COMPLAINT WAS MADE TO THE SEC BY [CUSTOMER], A CLIENT OF OPPENHEIMER & CO. [CUSTOMER’S] COMPLAINT CENTERED AROUND HIS STATEMENTS REGARDING LOSSES WHICH HE INCURRED IN HIS ACCOUNT.” The matter settled for $12,750.
For a copy of Robert Montes’ BrokerCheck report, click https://brokercheck.finra.org/individual/summary/835488.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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